By Shawn Martin
Mississippi loan laws for payday loans are legal and thriving in Mississippi.
They are set up to favor the lender with extremely high interest rates.
Mississippi allows multiple payday loans at one time. they limit each loan to 30 days in length, and have a loan cap of $400.00 per loan.
This alone can lead to major payday loan debt simply because of the risk of taking out loans to cover loans.
The interest rate of payday loans in Mississippi is 18% of the total borrowed, plus fees. The APR for a 14-day $100 loan is 572%.
At these rates if you find yourself having to roll over your loan or loans, the charges go sky high and before you know it, you are in trouble.
The best thing to do with these laws in place is avoid payday loans in Mississippi altogether. Unfortunately thing come up and money runs short and off to the loan company we go.